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Эта неделя имеет решающее значение для судьбы биткоина и альткоинов – экспертная фирма делится своими прогнозами Криптовалютный маркет-мейкер Wintermute в своем последнем анализе рынка сообщил, что би

Эта неделя имеет решающее значение для судьбы битк

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The cryptocurrency market is facing renewed pressure as a sharp contraction in stablecoin supply raises fresh concerns about Bitcoin (BTC) and overall market liquidity. Over the past week, the total m

Bitcoin Bear Market Confirmation? Stablecoin Market Cap Slides $7 Billion In A Single Week

Clawd: Autonomous Wallet & Builder for AI AgentsKGST: KGS-Pegged Stablecoin for KyrgyzstanUP: The First New Token Bank for StablecoinsJane Street诉讼案引发关注，比特币ETF市场机制再度受挫 周三比特币的上涨再次引发了关于华尔街做市商在现货比特币交易所交易

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Jane Street诉讼案引发关注，比特币ETF市场机制再度受挫

周三比特币的上涨再次引发了关于华尔街做市商在现货比特币交易所交易基金（ETF）中扮演角色的讨论。此前，网络传言将此次价格波动与量化交易公司兼流动性提供商Jane Street的诉讼案联系起来。

在X论坛上流传的帖子声称，比特币两天内约10%的涨幅与所谓的日内抛售模式的消失同时发生，暗示针对Jane Street的法律诉讼改变了市场行为。

然而，分析师和ETF专家表示，对单一公司的关注掩盖了现货比特币ETF运作背后更为复杂的市场机制。

比特币ETF追踪比特币的现货价格，但其创建和赎回流程允许机构中间商在无需在公开交易所买卖比特币的情况下满足市场需求。

ProCap首席投资官兼ETF发行商Bitwise顾问Jeff Park周三表示，这场争论反映的是对ETF市场结构的误解，而非操纵的证据。

Park在X论坛上发布的一张截图中概述了大型交易公司（即授权参与者）如何负责ETF份额的创建和赎回。这些公司在监管豁免下运作，无需强制立即购买现货比特币即可满足ETF需求。

Park表示，这些适用于所有授权参与者的豁免旨在支持有序的ETF做市，但也可能造成一个“灰色地带”，即ETF份额的创建、对冲活动和现货市场交易在时间上并非紧密相关。

因此，ETF资金流入并不总是能立即转化为现货比特币市场的买盘压力，这削弱了ETF需求与现货价格走势直接相关的假设。

加密基金管理公司Merkle Tree Capital的首席投资官Ryan McMillin告诉Decrypt，这种结构也造成了有利于衍生品而非现货市场的激励机制。

他表示，由于比特币期货经常以溢价交易（即所谓的期货溢价），授权参与者可以利用期货对冲风险敞口，同时从基差中获利。

麦克米林指出：“ETF的管理资产规模迅速膨胀，却无需强制交易所买入，从而抑制了关键价位以下的上涨，否则市场炒作会像飞轮效应一样推动价格进一步走高。”

麦克米林补充道，当期货头寸因宏观经济变化或价差收窄而减少时，这种调整会放大价格波动，导致价格出现对散户投资者而言看似突然的大幅回调。

两位分析师都强调，这种行为合法且符合ETF的运作机制，并不意味着任何一家公司存在不当行为。

相反，他们表示，这凸显了比特币的价格发现机制越来越受到期货市场等机构交易场所的影响，而不仅仅依赖于现货交易所。

麦克米林表示：“授权参与者在波动性较大、尚处于普及阶段的资产中，利用类似对冲基金的激励机制和工具，却无需承担过多的责任。” “这种‘创新型’ETF有可能沦为华尔街的收益掠夺机器，优先考虑机构套利而非真正的现货支撑。”

Jane Street诉讼案引发关注，比特币ETF市场机制再度受挫 周三比特币的上涨再次引发了关于

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Create Content for HTX and Win a Share of 1000U!Post To Earn BonusHTX Trading Championship Цена биткоина: последние обновления Согласно последним данным So So Value, из биткоин-ETF наблюдается стремит

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Цена биткоина: последние обновления

Согласно последним данным So So Value, из биткоин-ETF наблюдается стремительный отток средств, зафиксированный на уровне почти 316 миллионов долларов.

«Инвесторы в биткоин-ETF находятся в минусе уже 25 дней, удерживая позиции со средней стоимостью около 83 000 долларов. Это самый длительный период потерь в истории ETF.

В то же время биткоин также демонстрирует устойчивую тенденцию к накоплению, многие инвесторы участвуют в покупке биткоина по сниженным ценам. За последнее время было накоплено около 400 000 токенов BTC, купленных по средней цене от 60 до 70 тысяч долларов».



Цена биткоина: последние обновления Согласно посл

Ripple Announces XRP Community Day Across Global X Space American fintech firm Ripple has confirmed that XRP Community Day will return on February 11, 2026. The event will run as a free-to-enter, full

Ripple Announces XRP Community Day Across Global X

Claim1,200 USDT in the Monthly Creation ChallengeCreate Content for HTX and Win a Share of 1000U!Post To Earn Bonus$TMDX сообщил о продажах, которые оказались лучше ожидаемых, и выпустил прогноз выше 

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Post To Earn BonusEspresso: Global Confirmation Layer for L2sTD Cowen is reiterating a bullish medium-term path for Bitcoin, projecting roughly $225,000 per coin by the end of fiscal 2027, while sketc

Espresso: Global Confirmation Layer for L2s

TD Cowen is reiterating a bullish medium-term path for Bitcoin, projecting roughly $225,000 per coin by the end of fiscal 2027, while sketching an upside scenario that would take the asset to around $450,000. The call leans on tokenization as a structural demand driver, but the firm flags that the relationship it’s modeling may not hold if market dynamics evolve differently than expected.

TD Cowen’s Bitcoin Outlook
In a research note dated Feb. 24, 2026, TD Cowen framed its more aggressive scenario around two interacting assumptions: “the number of tokenized assets increases 100-fold (over time)” and transaction velocity tied to those assets falls by 90%. Under those conditions, the firm said its analysis “suggests a potential five-fold increase in the price of bitcoin, to roughly $450k per coin.”

The $450,000 figure is positioned as a “bull case” illustration rather than a point forecast. TD Cowen emphasizes that its current base expectation is lower, writing: “our current forecast calls for Bitcoin to reach a price of ~$225k per coin by the end of FY27.”

The firm adds a key caveat about methodology and uncertainty: “While not a bottom-up forecast, our current Bitcoin price estimate reflects a variety of assumptions, one of which is increased tokenization of real-world assets, potentially including equity securities. Though we believe our assumptions are well-supported by trends observed to date, there can be no assurance that these relationships hold going forward.”

The logic is straightforward: if tokenized real-world assets proliferate and the on-chain “velocity” associated with those assets slows sharply, the implied value captured by the underlying settlement asset in TD Cowen’s framework rises. The note doesn’t present this as a mechanical law, but as a sensitivity to how tokenization adoption and transactional behavior could reshape demand conditions around crypto rails.

Policy remains the

TD Cowen is reiterating a bullish medium-term path

Most experts and crypto proponents, such as Strategy’s Michael Saylor, believe that we are still years away from any considerable quantum threats to cryptographic systems. However, Ethereum creator an

Most experts and crypto proponents, such as Strategy’s Michael Saylor, believe that we are still years away from any considerable quantum threats to cryptographic systems. However, Ethereum creator and co-founder Vitalik Buterin has warned that quantum risks could emerge as early as 2028. Ripple’s David Schwartz concurred, emphasizing the need for Bitcoin to make a quantum-proof fork.

Such opinions have sparked community and developer engagement, with the intention of building quantum-hard networks. Bitcoin, for instance, has proposed the BIP-360 upgrade, which will introduce post-quantum cryptography to the network following its im

plementation.

In support of similar measures for the Ethereum ecosystem, Vitalik has been structurally liquidating part of his Ethereum portfolio amid the recent crypto downturn.

In the past month, the developer has liquidated about 11,000-17,000 $ETH ($23 million to $43 million), leaving behind about 224,000 $ETH. On-chain data shows he periodically does this in small batches to prevent drastic negative price impacts on $ETH.




Most experts and crypto proponents, such as Strate

Post To Earn BonusCreate Content for HTX and Win a Share of 1000U!XMN: Instant Crypto PaymentsTrusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure A man 

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure A man in his thirties has been charged with attempted murder after a business partner fell ill following a meeting at a café, reports say. The case stems from a dispute over failed crypto investments.Related Reading: Bitcoin Vs. Quantum: Saylor Says The Threat Is Over A Decade OffThe accused is alleged to have put the pesticide methomyl into the partner’s coffee during a meeting in November. The victim collapsed, was taken to hospital, and regained consciousness three days later. Seoul Eastern District Prosecutors’ Office opened the case and brought the charges. According to local outlets, the dispute grew out of heavy losses tied to a shared Bitcoin investment program in the crypto market that began in 2022.Reports say about ₩1.17 billion was lost — an amount that, by the parties’ account, included both company funds and money the accused had put in personally.Alleged PoisoningThe man accused is said to have met his partner at a café and offered a drink. After taking a few sips, the partner lost consciousness. Emergency services were called. He was rushed to hospital and stayed under care for several days. He later told reporters his life had been shaken; he had been planning a wedding and his partner’s illness hit his family hard.Total crypto market cap currently at $2.27 trillion. Chart: TradingViewDispute Over Crypto Investment FundsReports note the two ran an investment operation that handled pooled money for Bitcoin bets within the crypto sector. The exact business setup is not fully explained in public reports. It is not clear whether outside investors were involved or if the money was only theirs. That detail matters because it changes how the loss would be seen — as private failure or as potential misconduct affecting others. For now, prosecutors are focused on

Trusted Editorial content, reviewed by leading ind

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$HIMS Beats on earnings, misses on revenues. ~EPS

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After Raising $650 Million, Dragonfly Believes Crypto Was Not Made for Humans

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Bubblemaps links Hayden Davis to early major $PUMP dump

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Tron acquires 177K TRX: Why this ‘long-term’ treasury move matters

Article

US tariff uncertainty boosts safe-haven demand, precious metals strengthen.

Morgan Stanley: Nvidia's Q4 results are expected to be strong, with growth driven by the AI ​​boom showing no signs of slowing down.

Anchorage Digital disclosed that it holds preferred stock in Strategy and will engage in a strategic partnership with Strategy.

The Nikkei 225 index closed up 1262.03 points on February 25, setting a new all-time high.

JPMorgan Chase: Gold prices are expected to reach $6,300 per ounce by the end of 2026.

61 million USDT seized in North Carolina linked to cryptocurrency investment scam

Matrixport: Based on current expectations and pricing, the market has not priced in excessively high expectations for Circle's earnings report this quarter.

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